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Mt. Gox Appears to Have Started PayPal Repayments Tied to 2014 Bitcoin Hack

Payments through bank accounts are still awaited.

By Sheldon Reback
AccessTimeIconDec 26, 2023 at 11:31 a.m. UTC
Updated Mar 8, 2024 at 7:08 p.m. UTC
Mt. Gox Creditor Kolin Burges confronts Former Mt. Gox CEO Mark Karpeles (CoinDesk)
Mt. Gox Creditor Kolin Burges confronts Former Mt. Gox CEO Mark Karpeles (CoinDesk)
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Almost 10 years after being hacked, the Mt. Gox crypto exchange appears to be starting to repay customers who lost 850,000 bitcoin (BTC) now valued around $36 billion.

Some participants in the mtgoxinsolvency subreddit group said they had received payouts in yen over Paypal. Others, who’d chosen to receive cash into bank accounts, said they had not seen any inflows.

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    • The exchange, launched in 2010, was the world's biggest when it was hacked in 2014. It was ultimately able to recover about 20% of the stolen funds. Earlier this year, it extended the deadline for repayments by 12 months until October 2024.

    The repayment could have some impact on bitcoin prices, due to the sheer volume of the tokens being released, but would not destablize the market, UBS had said in a report earlier this year.

    Read more: CoinDesk Turns 10: The Legacy of Mt. Gox – Why Bitcoin’s Greatest Hack Still Matters

    Edited by Shaurya Malwa.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sheldon Reback
    Sheldon Reback

    Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

    Follow @sheldonreback on Twitter

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